Greencore rejects takeover talks

05 December, 2011

Greencore, the Dublin-based producer of sandwiches, has rejected a takeover approach, it announced this morning.

The company was approached back in October by an unnamed party, which is believed to have been the US private equity firm Clayton Dublier & Rice.

However, it said at the time that “discussions were at a preliminary stage and there was no certainty that any offer would be made”.

Today, the company, which recently acquired Uniq, the own-brands manufacturer, said that those discussions had come to an end.

It said in a brief statement: “Such discussions were entered into with a view to establishing whether a proposal acceptable to the board, which could then be put to shareholders, would be forthcoming. Given the board’s unanimous view on the strong underlying value of Greencore and the current dislocation in global equity and debt capital markets, both parties have agreed to end discussions. Accordingly, the board can confirm that the company is no longer engaged in any discussions regarding a potential offer for the company.

As previously announced, Greencore will release its results for the year ending 30 September 2011 tomorrow (6 December 2011).

Keywords: Greencore, US, takeover




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